If a veteran is injured, they make receive more money along with their Social Security payments.
After data was released and showed the increase for the cost of goods and services was 6.3%, the COLA increase of 5.9% actually ends up being a loss for seniors next year.
While they’ll see an additional $92 in their checks, it is not enough to cover the still-rising prices.
Related: Social Security getting a boost in January bringing some payments to $1,600
Veterans are often denied work after completing their service, so the increase is important for them.
The increase in COLA will impact disability compensation for veterans, allowing a monthly boost.
The worse the injury is the more benefits a vet can receive.
Related: Medicare open enrollment: With two weeks left, here’s five things to know
Social Security has covered all active military members since 1957. In 1988 started covering inactive military members as well.
The VA provides injured veterans with compensation as well based on the how badly they were injured. A 10% disability rating brings in $144.14 per month, while the most severe injuries can bring in $3,146.42.
The programs being separate means there will be no reduction in social security benefits for veterans that collect injury compensation.
Related: Will those who receive Social Security benefits be getting a fourth stimulus check?
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